President Trump signals he could back marijuana legislation

June 8, 2018 -- President Donald Trump told reporters that he would likely support bipartisan legislation that would give states authority over their cannabis laws.

The Strengthening the Tenth Amendment Through Entrusting States Act (STATES Act) was introduced yesterday by U.S. Senators Cory Gardner (R-Colo.) and Elizabeth Warren (D-Mass.) and U.S. Representatives David Joyce (R-Ohio) and Earl Blumenauer (D-Ore.). The legislation comes after the Department of Justice rescinded the Obama-era policy that permitted legalized cannabis to expand in states across the country.

Trump's support may put him at odds with Attorney General Jeff Sessions, who has indicated he does not support legalization of marijuana.

Recreational marijuana is legal in nine states and medical marijuana is legal in 29 states. Currently in states that have legalized some form of marijuana, legitimate cannabis-related businesses are blocked from accessing the basic banking services. If enacted, these businesses would be permitted to obtain services at credit unions and other financial institutions.